Section 13.60.030. Form and effect of receipt and acceptance by custodial trustee; jurisdiction.

   (a) The obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property. 
                                                                 
  (b) The custodial trustee's acceptance may be evidenced by a   
writing stating in substance as follows:                               
 CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE                      
    I, _______________ (name of custodial trustee) acknowledge receipt of the custodial
trust property described below or in the attached instrument and accept
the custodial trust as custodial trustee for _____________________ (name of beneficiary)    
under the Alaska Uniform Custodial Trust Act. I undertake to administer
and distribute the custodial trust property under the Alaska Uniform   
Custodial Trust Act. My obligations as custodial trustee are subject to
the directions of the beneficiary unless the beneficiary is designated 
as, is, or becomes incapacitated. The custodial trust property consists
of ___________________________________.                                
       Dated ________________________________________________    
 ______________________________________________________          
       (Signature of Custodial Trustee).                         
  (c) Upon accepting custodial trust property, a person
 designated as custodial trustee under this chapter is subject to the  
personal jurisdiction of the court with respect to a matter relating to
the custodial trust.                                            

Notes

History

(Sec. 1 ch 10 SLA 1994)